PERTH (miningweekly.com) – Gold junior Havilah Resources has forward sold 300 oz of gold from its Portia project, in South Australia, at a price of A$1 691/oz.
The forward sale would be satisfied from run-of-mine gold production if no unrefined gold was available.
“Portia is a unique deposit and there is potential for some nuggets to be mined, although the size and quantity will only become clear once processing of ore commences,” said Havilah MD Chris Giles.
“We are very pleased to have concluded this transaction with a long-time shareholder who has demonstrated his faith in the project by entering into this gold sale in advance of first gold production.”
The future gold delivery was secured by a contingent obligation to issue some 1.6-million Havilah shares.
The Portia mine is estimated to host a Joint Ore Reserves Committee-compliant inferred resource of 720 000 t, grading 2.9 g/t gold for 67 000 oz of contained gravity recoverable gold.
First gold from Portia was expected in April this year.